ImmunoGen downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Etzer Darout downgraded ImmunoGen (IMGN) to Market Perform from Outperform with a price target of $31, up from $26, after the company agreed to be acquired by AbbVie (ABBV) for $31.26 per share in cash. The firm sees low ImmunoGen pipeline risks in terms of the deal closing given that the pre-deal price implied little pipeline credit and it expects Elahere to continue to meet or exceed sales expectations in the near term.